April 1st, Governor
Pat Quinn announced a new state mortgage program, Welcome Home Illinois,
to help make homeownership a reality for Illinois’
first-time home buyers. The program provides $7,500 in down-payment assistance
with an interest rate as low as 3.99 percent for a secure, 30-year fixed rate
Home Illinois will provide
more opportunities for people across Illinois
to have their chance at homeownership,” Governor Quinn said. “Homeownership and
home-buying are essential to our economy.”
Quinn briefed REALTORS® on the program which is administered through the
Illinois Housing Development Authority (IHDA)--at a special meeting with the
Illinois Association of REALTORS® leadership at the IAR headquarters in Springfield on April 1st.
Illinois REALTORS® from across the state
were in Springfield for the 38th annual IAR Capitol Conference held that
The Welcome Home Illinois
program provides individuals and families across the state with a unique
opportunity to purchase a home without a large down payment. Many first-time
homebuyers have been pushed out of the home purchase marketplace since 2010 due
to debt-to-income restrictions and larger down-payment requirements. Since
2008, the percentage of first-time homebuyers has decreased dramatically;
according to the Illinois Association of REALTORS® (IAR), first-time buyers
made up only 21 percent of total home purchases in 2013, well below historic
norms that are closer to 40 percent.
program makes it possible for the majority of first-time buyers or anyone who
hasn’t owned a home in the last three years in Illinois to meet the qualifications for down
payment assistance. Welcome Home Illinois
is tailored for the majority of first-time homebuyers—with borrower income
limits up to 140 percent of the area median income (AMI), or $106,120 for a
family of three or more in Cook County and $82,915 for a family of three or more in Springfield. The home
buyer must also have a credit score of at least 640.
program offers a forgivable loan of $7,500 that is secured by a second mortgage
to help with down payment or closing costs. The borrowers must contribute the
greater of one percent of the overall purchase price or $1,000 toward the down
Home Illinois Program Facts at a Glance:
Welcome Home Illinois is open to qualified Illinois first-time homebuyers on a
first-come, first-served basis. The program is funded through Illinois Jobs Now!
and the Illinois
Affordable Housing Trust Fund. In addition to creating homeownership
opportunities, the Welcome
Home Illinois loan will stimulate statewide economic activity and
will generate an estimated:
Learn more at: welcomehomeillinois.gov.
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The Champaign County Association of REALTORS® is the "Voice for Real Estate" in the Champaign County area of Illinois, whose over 400 members are engaged in all facets of the real estate industry. CCAR was chartered in 1917.
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